A tale of two economies

China's need to cut its dependence on exports for growth is as urgent as the newly found US determination to pursue export-led growth.

However, if the two economies are to shift rapidly away from their current growth patterns, which look increasingly unsustainable as some say, they must work more closely together to find a way out. Their success will be crucial to rebalancing the world economy and sustaining the global recovery.

On Wednesday, Premier Wen Jiabao assured visiting US President Barack Obama in Beijing that China does not pursue a trade surplus. This represents a sort of response to the announcement that the US president made a few days earlier in Japan that his country is shifting its economy to export-led growth.